Key Developments: Rio Tinto PLC (RIO)

Latest Key Developments (Source: Significant Developments)

Carlyle Group LP Bids For Rio Tinto PLC's Stake In Australian Copper Mine-Reuters
Friday, 10 May 2013 01:11am EDT

Reuters reported that Carlyle Group LP has submitted a bid for Rio Tinto PLC's 80% stake in the Northparkes copper mine in Australia, Dow Jones said. Northparkes is one of several assets Rio Tinto is looking to sell. Macquarie, which is advising Rio Tinto on the sale, declined to comment, as did a Carlyle spokesman in Beijing. Rio Tinto spokesmen were not immediately available for comment. Analysts have speculated Rio Tinto could fetch as much as $1 billion for the mine. Full Article

Rio Tinto PLC Aims To Cut Almost Half Of Jobs At London HQ-Reuters
Monday, 29 Apr 2013 05:32pm EDT

Reuters reported that Rio Tinto PLC plans to almost halve the size of its London head office cutting more than 200 jobs as it tries to slash more than $5 billion in costs by the end of next year. The internal announcement said the Company aimed to reduce the number of London-based jobs to 262 from 479. It also wants cut the number of Johannesburg employees to 206 from 244, after reviews of its African operations meant it needed fewer administrative posts in South Africa. Full Article

Rio Tinto PLC, Aluminum Corp Of China Ltd, Glencore International PLC Vie To Mine Bauxite In Australia-Reuters
Wednesday, 24 Apr 2013 02:59am EDT

Reuters reported that Rio Tinto PLC, Aluminum Corp Of China Ltd and Glencore International PLC are among five companies short-listed by Australia to mine vast bauxite deposits in the country that have been left dormant for decades. The three firms have each applied for leases to exploit bauxite deposits in the Aurukun district of Queensland state, where reserves are considered sufficient to support production of 6.5 million tonnes per year, the Queensland state government said. The candidates, which also include Australian Indigenous Resources and Cape Alumina Consortium, have until mid-September to submit detailed mining proposals, according to a statement by Jeff Sweeney, Queensland's deputy premier. Full Article

Rio Tinto PLC Appeals Australia Court Ruling Blocking Mine Extension-DJ
Monday, 22 Apr 2013 03:57am EDT

Dow Jones reported that Rio Tinto PLC lodged an appeal in Australia's Supreme Court against a state court ruling that blocks plans to extend the life of one of its coal mines, a decision the mining company has said puts at risk the future of the operation and more than 1,300 jobs. New South Wales' Land and Environment Court earlier this month upheld an appeal against the expansion of the Mount Thorley Warkworth mining operation by area residents. The judge in the case ruled the project would have unacceptable impacts on biological diversity, endangered ecologies, communities, noise and dust. Rio Tinto had sought to extend mining at the site until 2033, which it said would create an additional 150 jobs over the life of the mine. After years of assessment, the plans had been supported by various state government departments and regulatory agencies. The existing right to mine expires in 2021. Full Article

Rio Tinto PLC Among Main Bidders For Mozambique Rail Project-Reuters
Wednesday, 10 Apr 2013 03:27pm EDT

Reuters reported that Mozambique has named miner Rio Tinto PLC as one of six preferred bidders for a new $3 billion railway and port development project to boost coal exports. The former Portuguese colony, which emerged from civil war two decades ago, boasts some of untapped coal reserves and is expected to become a key source of sought-after premium, hard coking coal used in steel making. Infrastructure bottlenecks have become a major headache for mining companies in Mozambique's coal-rich Tete province, with some projects delayed or put on hold due to problems of getting coal to port. Rio Tinto wrote down $3 billion of its Mozambican assets in January, partially because of infrastructure constraints. Full Article

Rio Tinto PLC In Talks To Sell Two French Aluminum Plants To Trimet-DJ
Wednesday, 13 Mar 2013 10:39pm EDT

Dow Jones reported that Rio Tinto PLC is in exclusive talks to sell two French aluminum plants to privately-held German company Trimet Aluminium AG, French daily Les Echos reported in edition, citing a statement by Industry Minister Arnaud Montebourg. The plants employ around 460 workers, the newspaper said. Full Article

Rio Tinto PLC Smelter In New Zealand Cuts Output As Drought Bites-DJ
Wednesday, 13 Mar 2013 06:54pm EDT

Dow Jones reported that Rio Tinto PLC's majority owned aluminum smelting operation in New Zealand is reducing production due to extremely low water levels at the hydroelectric plant that supplies it. New Zealand Aluminium Smelters--one of several assets in the Pacific region that Rio Tinto has bundled into a new company it aims to sell--said it expects to reduce weekly output by 400 tons, or by 5%. The move would reduce its electricity requirement by 5.6% to 540 megawatts, it said in a statement. Full Article

Rio Tinto PLC Mulls Sale Of New Zealand Iron Sands Assets-DJ
Wednesday, 13 Mar 2013 05:26pm EDT

Dow Jones reported that Rio Tinto PLC is considering the sale of its New Zealand iron sands assets, signaling a cooling interest in a technology that once promised to tap large supplies of the steelmaking material under the sea. A spokesman for Rio Tinto Plc said Perth-based Azure Capital is advising on its options for the New Zealand iron sands assets, including a possible sale, as part of a global review of its assets. Full Article

Rio Tinto PLC Appoints Taps Chris Lynch As New Chief Financial Officer-DJ
Thursday, 28 Feb 2013 01:31am EST

Dow Jones reported that Rio Tinto PLC named director Chris Lynch as its Chief Financial Officer (CFO) and said it was reducing the size of its executive committee, in the latest overhaul of its leadership following a string of hefty impairment charges. Mr. Lynch succeeds Guy Elliott, who has been with the Company since 1980 and CFO since 2002 but said last July he planned to retire this year. The handover is set to take place April 13, although Mr. Elliott will remain on the board until the end of the year. Full Article

Rio Tinto PLC Signs 20-Year Iron Ore Shipping Deal With Mitsui O.S.K.-Reuters
Saturday, 16 Feb 2013 01:15am EST

Reuters reported that Rio Tinto PLC has signed a 20-year contract with Japan's Mitsui O.S.K. Lines Ltd (MOL) to carry iron ore from Australia to China, as the miner takes advantage of a shipping market downturn to secure low freight rates. Under the agreement with Rio, MOL Cape (Singapore) Pte Ltd, a unit of Japan's second-largest shipping firm, will set aside several vessels of 200,000-250,000 deadweight tonne (dwt) to carry iron ore form western Australia to Chinese ports with a maximum transport volume of 8.5 million tonnes, MOL said in a statement. Full Article

Rio Tinto PLC News

Stores shut, schools close amid curfew by Rio drug dealers

RIO DE JANEIRO - Drug traffickers in Rio de Janeiro ordered shops closed in one of its biggest slums early Thursday, defying efforts to restore order to the city's vast shantytowns and renewing safety concerns in Brazil as it prepares to host the World Cup and Olympics.

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